Mackenzie Financial Corp grew its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 4.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 66,999 shares of the software company's stock after purchasing an additional 2,591 shares during the period. Mackenzie Financial Corp's holdings in Adobe were worth $29,793,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors also recently added to or reduced their stakes in the stock. Summit Securities Group LLC purchased a new position in Adobe during the 4th quarter worth $31,000. Caitlin John LLC grew its position in shares of Adobe by 171.4% during the 4th quarter. Caitlin John LLC now owns 76 shares of the software company's stock worth $34,000 after buying an additional 48 shares in the last quarter. Mascoma Wealth Management LLC increased its stake in shares of Adobe by 142.9% during the fourth quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company's stock valued at $38,000 after buying an additional 50 shares during the period. LFA Lugano Financial Advisors SA bought a new stake in shares of Adobe in the fourth quarter valued at about $38,000. Finally, Avion Wealth lifted its stake in Adobe by 112.2% in the fourth quarter. Avion Wealth now owns 87 shares of the software company's stock worth $38,000 after acquiring an additional 46 shares during the period. Hedge funds and other institutional investors own 81.79% of the company's stock.
Insider Activity at Adobe
In other news, CFO Daniel Durn acquired 1,300 shares of the business's stock in a transaction on Thursday, March 20th. The stock was bought at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the acquisition, the chief financial officer now owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. This represents a 4.55% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.16% of the company's stock.
Adobe Stock Performance
NASDAQ ADBE traded down $0.70 on Friday, reaching $412.66. 758,140 shares of the company's stock traded hands, compared to its average volume of 3,433,373. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The firm has a market cap of $175.88 billion, a price-to-earnings ratio of 33.28, a P/E/G ratio of 2.15 and a beta of 1.55. The stock has a 50 day moving average price of $378.87 and a 200-day moving average price of $429.47.
Adobe (NASDAQ:ADBE - Get Free Report) last issued its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping analysts' consensus estimates of $4.97 by $0.11. The firm had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter in the prior year, the business earned $4.48 earnings per share. Equities research analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.
Analyst Ratings Changes
Several research firms have recently commented on ADBE. Piper Sandler reduced their price target on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. JPMorgan Chase & Co. lowered their target price on Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. KeyCorp upgraded Adobe from an "underweight" rating to a "sector weight" rating in a report on Friday, March 21st. DA Davidson decreased their price objective on Adobe from $600.00 to $450.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Finally, Stifel Nicolaus dropped their price objective on Adobe from $600.00 to $525.00 and set a "buy" rating on the stock in a research report on Thursday, March 13th. Eleven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $502.88.
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Adobe Company Profile
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Free Report)
Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.
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